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Wednesday, March 25, 2009

SPX complete 5 waves and maybe this mayor wave "a" or "1" is complete. However the last half hour to close SPX make me think about one extention on the wave v of mayor "a" or "1". So far the market is very bullish so the odds are better on the bullish case. If we broke today highs maybe this uptrend close on 880-900 points. If this is already the mayor wave "b" or "2" i still think the 750 is the final target.

We are living historical times and therefore we must take all the advantage we can from these moments. The actual uptrend have contributed to split up Elliotticians opinion about the following path. According to the majority, they believe we are already living an historical rally, but there are few of us that still consider we are heading towards new minimums.

In order to achieve a rich and fair debate, i let all these thoughts for your judgment.

Personally, although yesterday i pointed out the end of wave V, i prefer the new minimums approach. The motives are unequivocal when you see the chart Nº3. Despite all that, the actual probabilities support bull counts, for that reason the next wave development should enlighten us whether we reach new minimums or not.

In short term i think it's missing one last wave to finished this countertrend.

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